A single-owner business is one that is owned by one https://kauai-realtor.com/generated-post person. It’s distinct from a business structure that has multiple owners, such as a partnership or LLC, that is a type of business, however it’s structured and taxed in a different way.

Individual businesses aren’t required to register with the federal authorities, however they may require an DBA or other permits and licenses. They aren’t governed by the corporate tax rules and have unlimited liability. A lawsuit filed against a private company could result in a loss of everything.

This article focuses on an under-explored type of business model: the individual business model. Based on an in-depth longitudinal inductive case study on chef and gastronomic innovator Ferran Adria, it pinpoints triggers, mechanisms and changes in his own evolving business model.